Very Account Excessive interest

pammie53

Help!! iIhave been charged £300 plus interest on Buy now pay later item as i was 1 day late paying the total off in full ( 10 hours late to be precise) Very are refusing to remove the interest and i have even asked them if they would consider a reduction as a good will gesture as I have alaways paid on time in the past but they have refused They now are charging me interest on the £300 interest as the account would have been clear if I had been on time is there anything i can do ??

[Deleted User]

Not really. BNPL is notoriously very expensive if you don't pay off in time

Monkeyballs

Hi,

Edit: Not sure why this is on the Credit Cards forum?

I suspect you'll not get them to remove it at all and especially not by being "nice" and telling them you're a good customer so here's what I would do...

Phone customer services and ask them to reduce your credit limit, they'll likely ask why (and try to sell you some towels probably) and just explain that you are reducing your available credit as you have seen a great offer on a 50" widescreen smart TV and want your credit file to show as little credit already available to you as possible and as they've just charged you £300 you can't get it through their site...

With me so far? Make it sound like they are potentially losing a big sale

They'll either A) be more cooperative or actually reduce the limit which reduces your temptation lol or makes you feel like you're sticking two's up at them!!!

Fingers crossed it'll work just don't accept an increase if they offer it LOL

MB

JKSandy

That's how BNPL deals work. You don't pay in time , the interest is calculated from the day you bought it and added to the bill.

Hominu

3 years ago I bought a new car. It was a 0% Interest Free. I diarised the date and ensured they had the full amount before the end of the offer before applying.

Why were they offering this? Because they know a lot of people will buys cars knowing "Pay nothing now", not read the T&Cs properly, and then get massively stung the date after the deal ends and get hammered by 29% interest. Now think of 29% on 20K for 3 years when you don't manage to pay it all off in time.

Now consider your £300.

You can try and get them to drop it or you can learn a hard lesson.

GingerBob_3

pammie53 wrote: »

Help!! iIhave been charged £300 plus interest on Buy now pay later item as i was 1 day late paying the total off in full ( 10 hours late to be precise) Very are refusing to remove the interest and i have even asked them if they would consider a reduction as a good will gesture as I have alaways paid on time in the past but they have refused They now are charging me interest on the £300 interest as the account would have been clear if I had been on time is there anything i can do ??

If you've asked them to waive the interest and they've refused, all you can now do is pay it off as soon as possible. Then, close the account, making sure you tell them why you're closing it. Then brief against them at every opportunity. As another poster implied, these bottom feeders love it when people accidently pay late, and seemingly they give no quarter.

The_Boss

If you were so concerned about "excessive interest" then why did you agree to the terms and conditions by buying the product?

tinkerbell28

I don't get why people like op are so shocked by this? It's how they make their money.

I've used VERY BNPL lots, to the tune of £1000's. It can be good value if something is on offer, you've been sent a code and various 0%, keep the money in your bank. The thing is as well it's more like 13 months bnpl, as they charge the item to your statement a year after and then you've got until that billing date to pay. There is monthly reminders on when it's due and how much you will pay if it's not cleared by this date. There is no excuses. They don't hide it. Every month for a year, it's there bold as brass.

That said I always pay a month or so early so as not be caught out. I have weekly reminders in my diary starting a month or so before, so I don't forget and I can check it's gone off.

shazzablue

I had added a few items on my very account,i was paying off an oven over 6months at the time,i didn't realise payment was due as normal over the 3 months for my additional goods,very texted me to advise payment had not been received,i called them straight away and paid,i had simply got confused and in this instance felt very handled this correctly.sorry cant be more help.appealing to customer services may help.

deanos

every statement tells you about your bnpl purchases and when they have to be paid by

TherealMandM

even warn you the statement before its due.
£300 interest ouch, high value item or high apr?